S&P 500 hits record high as investors await Apple earnings

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S&P 500 hits record high as investors await Apple earnings

(Xinhua) 15:34, October 29, 2013

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U.S. stocks wavered narrowly between gains and losses on Monday, with S&P 500 cracking 1,760 points for the first time ever, as investors brace for Apple's earnings results scheduled for release after the closing bell.

In midday trading, the Dow Jones Industrial Average inched down 4.56 points, or 0.03 percent, to 15,565.72 points. The S&P 500 edged up 1.39 points, or 0.08 percent, to 1,761.16 points. The Nasdaq Composite Index fell 9.69 points, or 0.25 percent, to 3,933. 67 points.

On the previous trading day, the S&P 500 notched an all-time high and logged a three-week winning streak, boosted by a bunch of encouraging corporate earnings.

After last week's record run, Apple became the focus since the market are struggling for direction and waiting for new catalyst.

According to FactSet estimates, Apple's mean earnings per share for the fourth fiscal quarter of 2013 is expected to be 7.92 U.S. dollars, compared with 8.67 dollars in the same quarter last year.

Some 24 percent of the S&P 500 components are slated to report quarterly earnings this week, including a slew of bellwether companies such as Facebook, General Motors, Exxon Mobil and Chevron, as wells as credit card company Visa, a newly-minted Dow component.

Shares of Merck & Co. fell after the pharmaceutical company reported better-than-expected third-quarter earnings early Monday, but its sales missed market consensus.

On the economic front, U.S. industrial production increased 0.6 percent in September following a gain of 0.4 percent in August, posting the largest gain in seven months, the Federal Reserve said Monday.

U.S. pending Home Sales Index dropped 5.6 percent in September from the prior month, the lowest level since December 2012, the National Association of Realtors said Monday.

Moreover, the Fed will hold its October policy meeting on Tuesday and Wednesday. Economists in general believe the central bank will maintain its current policy given the impact of the U.S. government shutdown and tepid economic data.

（Editor：LiXiang、Zhang Qian）